Getting out of debt!
In today’s world, where we feel a compulsion to keep up with our neighbours, it is very easy to get into debt without even realizing it. Trying to work your way out of it can be a very difficult experience. Credit card interest rates, decreased income, illnesses and many other factors can lead to an unmanageable…
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When in debt, where should you turn?
If you are like most people and turn to the internet for help, you will have noticed that when you do a Google search looking for help for your financial woes – you are inundated with information and different types of organizations offering solutions. So, which is the best route for you to go? A very daunting…
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Still receiving statements form creditors after filing bankruptcy?
A common question I receive from debtors is “Why do I keep receiving statements from creditors when they know I have filed a consumer proposal or a bankruptcy”. Usually it’s a frantic phone call or email that says, “I finished my proposal or bankruptcy and am still receiving statements! They are still coming after me for…
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What’s it like to file bankruptcy in Ontario?
When a person files for personal bankruptcy it is typically a final course of action for an individual in financial difficulty. Your Licensed Insolvency Trustee will review your situation and recommend a course of action. If your debt cannot be resolved through other options like a consumer proposal, we may recommend Bankruptcy. It is a legal…
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Paying Student Loans During Your Bankruptcy or Consumer Proposal
Some people have extraordinary large student loans and often time fidn it very hard to pay off, even over a long period of time. As you get older it seems like more and more debt is inevitable, and if you haven’t delat with debts from the past (student loans for example) it’s very easy to…
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Tips For Managing Debt
If you’re not at the point where bankruptcy is a realistic option, it’s still important that you begin managing your finances (before bankruptcy becomes a reality). The most important step you can take towards controlling debt is to budget – this is the only way you’ll have a clear understanding of where your money goes. And only…
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Life After a Consumer Proposal
Consumer proposals are often times a great alternative to bankruptcy. For people who are concerned about a negative impact on their credit rating, which is a legitimate concern, a consumer proposal may be an option worth considering. In Ontario, a bankruptcy is typically on your credit rating for seven years from the date of discharge….
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TFSAs, RRSPs and Consumer Proposals
With a consumer proposal, you get to keep your assets, which includes your tax free savings account and your RRSPs. When you make a consumer proposal, you are offering your creditors a settlement, which is more than what they would get if you were to go bankrupt. Essentially you are saying, “let me keep all of my stuff, and I will agree to…
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Holiday Season and Payday Loans
I know that for some people, Christmas isn’t even on the horizon, but for others, the credit cards are already out and the spending has begun. It’s a financially daunting time of year for many people, but the idea of having lots of presents under the tree is important to some people as well. With…
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Debt Repayment Options and Your Home
When you make a consumer proposal, your home and related equity is unaffected. The trustee and creditors will not take possession of your property and you will be able to keep any house equity that you have accumulated. On the flip side, if you file personal bankruptcy any equity that you have in your home becomes property of your bankrupt estate. So, before we make…
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